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JPMorgan buys office building in Ireland amid Brexit fears

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Manuel Armenta | 15 May, 2017, 19:40

Kennedy Wilson is developing the project in a joint venture with Fairfax Financial Holdings Limited and the National Asset Management Agency.

However, the new office may provide space for hundreds of JP Morgan workers who it plans to relocate from London following the Brexit decision.

Speaking with the Financial Times over the weekend, the firm's head of investor services James Kenny said it will hire a "significant" number of people in Dublin and that some of these jobs could be "filled by people moving from other countries".

The bank is reportedly paying €125m for the building at the flagship Capital Dock development in Dublin's docklands, which is due to be completed in the latter part of 2018. 'The Dublin occupier market is buoyant and we are in active and advanced dialogue with both Irish and worldwide companies attracted to our visionary Capital Dock development and looking to base themselves in the heart of Dublin.' 'Dublin has the vibrant business and technology communities that suit a global firm like ours, ' said Carin Bryans, senior country officer for J.P. Morgan in Ireland.

They now employ 500 people in the Irish capital.

"This new building gives us room to grow and some flexibility within the European Union", senior country officer for JP Morgan in Ireland Carin Bryans said in the statement.

"The binding constraint in Ireland isn't really around the supply of qualified people; it's around infrastructure - the infrastructure in the city, the supply of housing.the capacity in the school system, the domestic transport infrastructure", he said.

Theresa May's plan to pull Britain out of the European single market has prompted global banks to begin looking to move jobs to other EU countries.

The three main offices would be located in Dublin, Frankfurt and Luxembourg.

The JP Morgan purchase is the latest development among big banks based in London.